Friday, May 28, 2010

Is Warren worried?

http://finance.yahoo.com/news/Warren-Buffett-Forced-to-cnbc-3064696935.html?x=0&sec=topStories&pos=3&asset=&ccode=

Just how obvious is it that the financial community is a tight knit little family?
Like the blue blood lines old, their incestuous ties have bred in the fate of hemophilia.
How much sway does a major shareholder have by the way? Is it enough to have made Moody bow to Berkshire's will?

Warren Buffett Forced to Testify Before Financial Crisis Commission

Warren Buffett's appearance next week before the Financial Crisis Inquiry Commission is a "command performance," after he was subpoenaed to testify at a hearing focusing on the credit rating agencies.

Berkshire Hathaway is Moody's largest shareholder, although Buffett's company has been reducing those holdings in recent months. Several Moody's executives, including its current CEO, will also be answering questions.

Fortune's Carol Loomis reports tonight (Thursday) that the Commission had to resort to what Gary Cohen, the FCIC's general counsel, called a "compulsory process" after Buffett turned down several invitations to be questioned.